Abstract
On October 6, 2026, Kalshi launched perpetual futures contracts linked to 500 major U.S. companies. Unlike standard futures, the tool never expires, eliminating the need to roll over positions. Balance payments among opposing traders through a funding rate mechanism to maintain price consistency with the underlying index. The Commodity Futures Trading Commission (CFTC) approved the product after Kalshi filed an application in August 2026. As the platform diversifies from its core electoral and sports betting businesses, perpetual contracts for crude oil futures based on West Texas Intermediate Crude Oil (WTI) are being developed.
Understanding the Perpetual Futures Mechanism
Forecasting market operator Kalshi has unveiled a Perpetual Futures tool designed to track U.S. large-cap stocks. Trading of this product began on October 6, 2026.
Today we launched the first stock index perpetual futures in the United States. You can now trade US500 perpetual contracts, an index of the largest companies in the United States weighted by market capitalization. Equity index perpetual contracts allow you to trade a wider market with more efficient capital efficiency and enable... -- Kalshi (@Kalshi) October 6, 2026
The offer is based on a Kalshi proprietary benchmark made up of 500 leading U.S. companies. The benchmark draws on the methodology of the MerQube U.S. large-cap stock index. The platform initially gained fame for its predictive market infrastructure, allowing participants to speculate on political competitions and sporting events.
永续期货合约——通常简称为“永续合约”——代表没有预定结算日期的衍生工具。交易者可以无限期地保持其头寸,而不必面对迫使合同关闭和续订的到期期限。Kalshi采用资金费率机制将合约的市场价值锚定到其参考基准。该系统涉及持有相反头寸的参与者之间的定期转账。
Kalshi刚刚在美国推出了首个S&P 500永续期货。使用24/7杠杆做多或做空全球最大的指数。

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